BRIEFLY

Banking & Finance

Short-Term Treasury Rates Rise: The Treasury Department sold $13.5 billion in three-month bills at an average discount rate of 5.02%, up from 4.95% last week. Another $13.5 billion in six-month bills were sold at an average discount rate of 5.06%, up from 5.00%. The three-month bill rate was the highest since they sold for 5.03% on Jan. 9. The six-month bill rate was the highest since they averaged 5.15% on Dec. 18. The new discount rates understate the actual return to investors: 5.16% for three-month bills, with a $10,000 bill selling for $9,873.10, and 5.26% for a six-month bill selling for $9,744.20. In a separate report, the Federal Reserve Board said the average yield for one-year Treasury bills, the most popular index for making changes in adjustable-rate mortgages, rose to 5.41% last week from 5.15% the previous week. Meanwhile, the Treasury will auction two-year and five-year notes on March 27-28, respectively.